Chart AUD/USD Update: Turning away from 0.6550
Anticipated gains have met renewed selling interest just beneath resistance at the 0.6550 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | * | 7 Nov (w) high | S1 | 0.6500 | * | congestion | |
| R3 | 0.6650 | break level | S2 | 0.6440 | * | 14 Nov (w) low | ||
| R2 | 0.6600 | * | congestion | S3 | 0.6430 | * | 76.4% ret of 2023-2024 rally | |
| R1 | 0.6550 | break level | S4 | 0.6400 | minor congestion |
Asterisk denotes strength of level
09:00 GMT - Anticipated gains have met renewed selling interest just beneath resistance at the 0.6550 break level, as overbought intraday studies unwind, with prices currently approaching congestion support at 0.6500. A test beneath here is possible, but rising daily readings are expected to limit any initial break in fresh consolidation above strong support at the 0.6430 Fibonacci retracement and the 0.6440 weekly low of 14 November. A further close beneath here, not yet seen, would turn sentiment negative once again and extend September losses towards 0.6400. Meanwhile, a close above 0.6550, if seen, would open up congestion around 0.6600, where mixed/negative weekly charts should prompt selling interest.